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IoD backs latest step towards reaping benefits of shale gas

The Institute of Directors has welcomed the announcement of the successful applications under the 14th Onshore Oil and Gas Licensing Round.

Lady Barbara Judge, Chairman of the Institute of Directors, said:

“This latest step towards unlocking Britain’s shale gas potential is good news for the UK. We have all seen the benefits of the shale gas revolution in the United States. Now Britain has the chance to follow in their footsteps and reap the rewards – new high-skill jobs, more secure energy, and a smoother transition to a low-carbon economy.”

Dan Lewis, Senior Energy Adviser at the Institute of Directors, said:

“Today marks the end of the beginning for Britain’s shale odyssey. This decision paves the way for the next wave of exploration and will allow us to determine how much of Britain’s shale resources can be exploited. The evidence for the benefits of shale is irrefutable and exploration must now be allowed to begin. It is important that country gets behind what could be the next energy boom in the same way we did with the North Sea. If we lose this opportunity, we will be sacrificing jobs, manufacturing, tax revenues and increasing our reliance on foreign gas.

“It is time to be realistic about the future of energy in the UK. Gas will be a big part of our energy mix for the foreseeable future. British households are not going to give up their gas boilers and gas cookers any time soon. The UK’s chemical industry can’t wait any longer for the natural gas they desperately need to create new products. For instance, it is absurd that Ineos have to import natural gas liquids from the United States when we could have plentiful supplies under our feet.

“There has never been a better time to switch from coal to the safe and secure low-carbon shale gas. The government is officially phasing out coal, North Sea production is falling off a cliff and wholesale gas prices, at less than 35p per therm, have plummeted.”